Robinhood restricts crypto trading as Dogecoin soars 300 percent
Robinhood has started restricting trading in cryptocurrencies this morning, just as the price of joke cryptocurrency Dogecoin has soared more than 300 percent in 24 hours. CNBCreports that Robinhood users started noticing instant deposits for cryptocurrencies were no longer working on Friday morning, and the company has confirmed it has put restrictions in place.
“Due to extraordinary market conditions, we’ve temporarily turned off Instant buying power for crypto,” says a Robinhood spokesperson in a statement to CNBC. “Customers can still use settled funds to buy crypto. We’ll keep monitoring market conditions and communicating with our customers.”